Navin Gupta, the recently appointed CEO of Crystal Intelligence, anticipates sustained growth for the blockchain intelligence firm until 2024. In an interview with Cointelegraph, Gupta expressed his belief that the company’s growth will gain further momentum as the unregulated sector of the crypto industry diminishes. This is attributed to the approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States, which has caused an increase in the number of firms seeking operating licenses.
Crystal Intelligence provides blockchain analysis, investigative solutions, and compliance services to institutions and regulators. In 2023 alone, the company’s global customer base doubled, with Crystal’s product now monitoring over 50,000 organizations. The firm, founded by Bitfury in 2017, shared this information in a press release with Cointelegraph.
Gupta also emphasized that the growing adoption of stablecoins is expected to heighten the demand for Crystal’s compliance services. These stablecoins are the most widely used crypto assets, accounting for more than 50% of on-chain transaction volume between centralized services from July 2022 to June 2023, as stated in “The Chainalysis 2023 Geography of Cryptocurrency” report.
Regarding Bitcoin ETFs, Gupta believes that their introduction will reinforce institutional trust in the crypto market. This development will bring a consistent inflow of non-speculative investments for the first time in Bitcoin’s history, thereby legitimizing the asset class in the eyes of global regulatory authorities. Gupta noted that institutional investors have already begun viewing cryptocurrencies more favorably. He further expects ETF issuers like BlackRock to launch additional funds, as approximately 75% of new Bitcoin investments are estimated to come from the 10 spot Bitcoin ETFs, according to a report by CryptoQuant, an on-chain data analytics firm.
Relatedly, there are growing concerns about the promise of a 27% yield following the mainnet launch of Ethena USDe, as reported.